Does your collection agency need to add a reputable mail vendor to your line up of business services? It’s an important question to ask yourself within the ARM space no matter the type of debt collecting on – medical, retail, legal, commercial…the list goes on and on. Outsourcing this critical aspect of your unique business model ensures your agency is compliant and takes away printing and mailing headaches. The cost savings of the in-house labor hours spent on this essential function should make taking the plunge an easy decision!
While there are many choices within the space, it’s always best to thoroughly weigh your options before selecting your next business partner. After all, what’s the use of going through the motions if the result doesn’t meet your agency’s needs and goals? We’re not sure about you – but for us, there is never enough time in the day, and we can’t afford an exercise in futility. Hopefully, the below couple of questions will help guide you through selecting a mail vendor, and you’ll be on your way to agency optimization in no time!
How Many Locations Does the Mail Vendor Maintain?
At first glance, the above question seems inconsequential, but not knowing the answer could send ripples throughout your organization. And we’re not talking about the good type of ripples where you’re spreading wealth further around your company or savings are noticeable in every department. We’re talking about the types of tides that interrupt the business flow. No bueno.
Why is this a key question to ask? The answer comes in part from knowing where your debtors are located. Is your agency only collecting in a small group of states, or are you a coast-to-coast powerhouse? Once you have the stats in front of you, it’s easy to see why the question is a critical one. Many mail vendors establish several warehouses across the country from which they mail. Others only offer a single location.
How quickly you can get a letter in front of your debtor is vital. Selecting a mail vendor that can reach your debtor base fast and efficiently vs. limited in its’ mobility could mean missing an opportunity to receive payment more quickly.
Is the Mail Vendor Fully Integrated with your Collection Software?
Equally as necessary and for many of the same reasons, choosing a fully integrated mail vendor goes a long way to streamline your business functions. A fully integrated provider offers seamless structures on numerous fronts. An excellent example of why this matters can be taken from the dreaded Change of Address (COA).
With a fully integrated mail vendor, any COA’s received can be easily uploaded to your software via a spreadsheet, with all affected accounts updated instantly and without human error. Without this function, you’re looking at – again – taking labor hours away from what you should be doing, what others pay you to do – collect – and repurposing them to manually accessing accounts and updating each…one by one. Just like you specialize in collecting, mail vendors specialize in mailing. They max efficiencies. No matter your agency’s size, taking a look at your options can help grow your business quickly.
We love to save our clients time and money – even outside the payment processing realm, we are experts in! While this list is not all-inclusive, the below companies offer comprehensive, seamless, and innovative mail vending solutions. Check them out today!
In conclusion, we hope you’ve found this article informative! Please share and be sure to follow us on LinkedIn, Twitter, and Facebook. We are always adding fresh and new content to help grow your agency! To learn more about Payment Savvy’s cutting-edge payment acceptance solutions, please be sure to reach out to us. We’re always happy to create a custom payment platform and answer any questions at hand! Until next time, happy collecting!!